TLDR
- Treasury Secretary Scott Bessent said the US will “probably” seize $1 billion in crypto tied to Iran this week
- The move is part of what Bessent calls an “absolute isolation campaign” against Iran
- Bessent made a similar $1 billion claim in May, though Treasury later cited a lower figure near $500 million
- The US has sanctioned seven Iranian crypto exchanges since June, including Nobitex, Wallex, and BitBank
- Tether reported freezing $550 million in USDT tied to Iran sanctions during 2026
US Treasury Secretary Scott Bessent said this week that the United States will likely seize $1 billion in cryptocurrency connected to Iran. He made the comment during an interview at Newsmax’s Policy Summit in Washington on Thursday.
🚨JUST IN: U.S. Treasury Secretary Scott Bessent says the Trump administration could SEIZE $1 BILLION in Iran-linked cryptocurrency THIS WEEK.
“We’re probably gonna seize a billion dollars of crypto this week. And, you know, we know where it is and we are isolating them.”
The… pic.twitter.com/FWDIFrTZOA
— Coin Bureau (@coinbureau) October 9, 2026
“We’re probably gonna seize a billion dollars of crypto this week,” Bessent told Newsmax host Greta Van Susteren. “We know where it is and we are isolating them.”
Bessent described the action as part of a broader effort against Iran. He called it an “absolute isolation campaign.”
What The Isolation Campaign Includes
The campaign covers more than crypto seizures. Bessent said it includes blockades in the Strait of Hormuz, restrictions on international flights, and closing off Iran’s land routes with neighboring countries.
“We did have a maximum pressure campaign. Now we have an absolute isolation campaign, and it’s working,” Bessent said.
The conflict between the US and Iran has continued since February. Sanctions on Iran’s financial networks have been a central part of the US response.
Bessent did not say whether the planned $1 billion seizure would be new funds or add to amounts already announced. He also did not name the specific wallets or exchanges being targeted.
This is not the first time Bessent has made a similar claim. In May, he said the US had already seized about $1 billion in Iranian crypto, stating that authorities “just outright grabbed the wallets.”
However, a Treasury release issued shortly after that comment cited a lower total of close to $500 million. The gap between the two numbers has not been explained.
A Pattern Of Sanctions And Seizures
The Treasury Department has taken several actions against Iran-linked crypto exchanges this year. In July, the agency announced wallet sanctions that froze $130 million.
An onchain analyst known as Specter linked that action to four Tron addresses holding about $131 million in USDT. The stablecoin issuer Tether later blacklisted those addresses.
In September, Treasury sanctioned the exchange BitBank. The agency accused BitBank of moving hundreds of millions of dollars in bitcoin to Iran’s Islamic Revolutionary Guard Corps between June and July.
That action followed earlier sanctions in June against Nobitex, Wallex, Bitpin, and Ramzinex. Shelbit and Aban Tether were sanctioned in August.
In total, Treasury has sanctioned seven Iranian crypto exchanges since June. The agency’s Office of Foreign Assets Control has said it is focused on cutting off funding to Iran’s regime, whether in dollars, rials, or crypto.
Tether has also played a role in the sanctions effort. The stablecoin issuer reported in September that it froze $550 million worth of USDT in 2026 as part of US sanctions enforcement. Of that total, $344 million was frozen in April alone.
Bessent’s comments this week did not provide further detail on which wallets or platforms are being targeted in the new seizure. Treasury has not released additional information beyond Bessent’s remarks at the summit.
Be the first to comment